Common use of Exceptions to Exercise of Redemption Right Clause in Contracts

Exceptions to Exercise of Redemption Right. Notwithstanding the provisions of paragraphs (i) and (ii) above, a Partner shall not be entitled to exercise the Series A Redemption Right if (but only as long as) the delivery of Series A Preferred Shares to such Partner on the Series A Specified Redemption Date (a) would be prohibited under the Declaration of Trust, or (b) as long as the Common Shares or any previously issued Series A Preferred Shares are Publicly Traded, would be prohibited under applicable federal or state securities laws or regulations (assuming the General Partner would in fact assume and satisfy the Series A Redemption Right).